CDB Leasing has recently signed its first agreement with CAR Inc., the leader in China's car rental market. According to the agreement, CDB Leasing will purchase more than 7,000 cars and lease them to CAR Inc. These cars will be used to support tourist travel in more than 30 cities across the country.
In response to the CPC Central Committee and the State Council's call to "improve the capability to provide affordable financial products and services," CDB Leasing has actively utilized its financial leasing expertise to support the real economy and micro and small businesses. In 2021, end clients of CDB Leasing increased by 149,000, and the Company's assets in this sector increased by 35.7%.
The car rental industry has grown by 30 times over the past two decades. According to Analysys' China's Car Rental Market Report 2021, China's car rental market is expected to exceed 100 billion in 2022. It's a booming market. With more than 3,000 outlets in more than 170 cities across the country, CAR Inc. is a key player in China's car rental market. CDB Leasing attaches great importance to the development of the car rental industry. It has worked closely with leaders in the industry to promote new ride-sharing models and support the industry's transition to a sustainable, low-carbon future. This is the first substantive deal entered by the two parties and provides an effective model for cooperation between finance and industry.
The two parties will collaborate to create a more effective car rental model and promote it in major cities across the country based on their shared perspectives on prospects of the car rental market and business models. They will continue to explore finance-industry cooperation models in China's car rental market and bring more affordable financial products and services to the travel sector.